U.S stocks gapped down on Monday with all the major indices plunged between 1.80%-2.50% in the opening session as sovereign bond yields skyrocketed amid renewed fears about the future of the euro zone and worries over debt problems in Spain’s regions and Greece. More panic was created when trading in major Italian banks was suspended for about an hour during the morning after their shares incurred steep drops, while authorities in Spain and Italy imposed ban on short selling to stem market volatility.
Get Complete Analysis on Stock market, Get Trend Analysis
The Talbots, Inc.(NYSE:TLB) is bucking the market trend and jumped over 3% to $2.71 after the company the Pension Benefit Guaranty Corporation won't take action related to the retailer's acquisition by private-equity firm Sycamore Partners, following the two company's revision to their merger agreement on Friday. The new amendment deletes the financing proceeds as a condition to purchaser's tender offer to acquire all of the outstanding shares of the Company's common stock, and the PGBC's agreement paves the way for the deal to close.
Find How Should You Trade TLB, Free Trend Analysis
Chevron Corporation(NYSE:CVX) says its Pontus-1 exploration well in the Greater Gorgon area off the coast of western Australia encountered 97 feet of net gas pay: "The Pontus-1 discovery again highlights Chevron's exploration success as we continue building a significant natural gas position in Western Australia to supply Australia and the Asia-Pacific region."
United Technologies Corporation(NYSE:UTX) fell 1.50% to $73.13. The company agrees to sell its Rocketdyne unit to GenCorp (GY) for $$550M as United Tech works to sell non-core units and focuses on closing its $16.5B Goodrich acquisition. United Tech will use the money from the sale to repay some of the debt it took to buy Goodrich.
Should To Trade UTX at current level, Get Trend Analysis
Pfizer Inc.(NYSE:PFE) the company’s Lyrica nerve-pain drug didn't hurt reproductive function in healthy males in an FDA post-approval trial. Meanwhile, in a test for EU regulators of the medicine for treating generalized anxiety disorder, patients showed a low rate of symptoms as they tapered off from the drug after 3 and 6 months. Shares of PFE are down 0.93% to $23.48.